IMARC Group, a leading market research company, has recently releases report titled “Footwear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, The study provides a detailed analysis of the industry, including the global footwear market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Footwear Market?
The global footwear market size reached US$ 243.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 332.3 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032.
Factors Affecting the Growth of the Footwear Industry:
- The rise of athleisure and sportswear:
One of the primary drivers of the footwear market is the growing popularity of athleisure and sportswear. This trend reflects a shift in consumer lifestyles toward more active and health-conscious living, which has boosted demand for footwear designed for athletic and casual use. Athleisure, a category blending athletic and leisurewear, has gained significant value due to its versatility, offering comfort and style suitable for both exercise and everyday activities. The increasing participation in fitness activities, sports, and outdoor adventures has driven the demand for performance-oriented footwear, such as running shoes, cross-trainers, and hiking boots. Major footwear brands have responded to this trend by expanding their product lines to include a variety of styles that cater to both athletic and casual wear, contributing to the market growth.
- Increasing consumer focus on comfort and health:
Another significant factor driving the footwear market is the rising consumer focus on comfort and health. As awareness of the importance of foot health grows, consumers are increasingly seeking footwear that offers superior comfort, support, and ergonomic benefits. This trend is particularly evident in the growing demand for orthotic-friendly shoes, cushioned insoles, and ergonomic designs that promote better posture and reduce foot strain. The aging population also contributes to this trend, as older adults prioritize comfort and support in their footwear choices. Innovations such as memory foam insoles, shock-absorbing materials, and customizable fit options address these needs, making comfort a key selling point in the footwear market is bolstering the market demand.
- Rapid advancements in technology and innovation:
Technological advancements and innovation are critical drivers of the footwear market, leading to the development of cutting-edge products that enhance performance and appeal. Innovations in materials, such as lightweight and breathable fabrics, advanced cushioning systems, and waterproof technologies, have improved the functionality and durability of footwear. Three-dimensional (3D) printing technology has revolutionized footwear design and manufacturing, allowing for personalized and custom-fit solutions. Furthermore, the integration of smart technologies, such as fitness trackers and sensors embedded in footwear, offers added value by providing users with real-time data on their physical activity and performance, aiding the market growth.
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Footwear Market Report Segmentation:
Breakup by Product:
- Non-Athletic Footwear
- Athletic Footwear
Non-athletic footwear accounts for the majority of shares because it caters to a broader range of everyday and formal occasions.
Breakup by Material:
- Rubber
- Leather
- Plastic
- Fabric
- Others
Rubber dominates the market because it offers durability, comfort, and versatility, making it a popular choice across various types of footwear.
Breakup by Distribution Channel:
- Footwear Specialists
- Supermarkets and Hypermarkets
- Departmental Stores
- Clothing Stores
- Online Sales
- Others
Footwear specialists hold the majority of shares because they provide extensive product selections and expert advice, attracting a significant portion of footwear shoppers.
Breakup by Pricing:
- Premium
- Mass
Mass represents the majority of shares because it appeals to a wide consumer base due to affordability and accessibility.
Breakup by End-User:
- Men
- Women
- Kids
Women exhibit a clear dominance because it encompasses a diverse range of styles and designs, driving higher sales volumes.
Breakup by Region:
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
- Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
North America enjoys the leading position due to its large consumer base and high purchasing power, contributing to its leading market position in footwear.
Global Footwear Market Trends:
The increasing influence of global fashion trends and social media amplifies the appeal of new styles and brands, strengthening market growth. In line with this, the expansion of direct-to-consumer (D2C) e-commerce platforms provides greater accessibility and convenience, supporting the market reach and sales. Besides this, the rising disposable incomes and urbanization in emerging economies led to higher spending on fashion and lifestyle products, providing an impetus to market growth. Furthermore, the growing trend of limited-edition and collectible footwear releases creates a sense of exclusivity, impelling the market growth.
Leading Companies Operating in the Global Footwear Industry:
- Nike Incorporation
- Adidas AG
- PUMA
- Geox S.p.A
- Skechers USA, Incorporation
- Timberland
- Crocs Retail, Inc.
- Ecco Sko A/S
- Wolverine World Wide, Inc.
- Under Armour Inc., etc
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